New Tax Code and Bank Interest

oompahloompah

Hi everyone
I'm SE in a partnership, and with the new increased tax allowance coming into effect next month, if our taxable profits next year are similar to this year (business has been slow) we will be taken out of paying tax altogether.
What I was wondering is - currently we pay tax (deducted at source) on any interest we receive in personal bank accounts (admittedly not much!). If we are not due to pay tax in any tax year, would we be able to reclaim the tax paid on the interest or is it something you need to advise the bank of beforehand?Obviously we have no way of knowing, and it might be that we have a fantastic year and pay lots of tax regardless of the increased tax allowance, but just in case obviously we don't want to pay more tax than we have to.
Thanks
Oompah x

CLAPTON

when you fill in your self assessment form you include your saving interest.
if you are due a refund then that will happen automatically.

oompahloompah

Excellent, I was worried I needed to tell the bank in advance and then it would get all complicated if we were actually due to pay tax, but it sounds simpler than these things usually are!!
Thank you for your very quick reply
Oompah x